Volterra reviews TfL’s Economic Appraisal Guidance

The Volterra team recently undertook a review of the transport appraisal guidance used by Transport for London (TfL). The review focused on improving the current Business Case Development Manual, which is used by TfL to determine if a new transport scheme should be given funding. We were able to give insights across a range of issues, prioritised according to the extent to which they were relevant to TfL’s investment programme and by how much they might change the valuation. Our topics included wider economic benefits, the economics of cycling, rail crowding and how it is incorporated into transport appraisals, use of multi criteria analysis for better decision making and valuation of business time savings. The recommendations of our review will help shape transport appraisal in London into the future.